EURNZD: Are the Bears Going to Show Up? (Again)

The currency pair is going in favor of the bulls.
Overall market sentiment regarding the pair remains bullish.

EURNZD Weekly Price Analysis – October 10

According to the EURNZD market status today, it’s not yet ascertained whether the bears will reappear. The pair is in an upward trend at the moment, anticipating more swings, and looks promising as buying pressure mounts. Therefore, if the bulls could push higher and the $2.03 supply level is broken, the market price may appreciate to a high at the $2.10 upper resistance trend level, suggesting a good entry point for long traders.

EURNZD Market
Key Levels:
Resistance levels: $2.00, $2.01, $2.02
Support levels:    $1.87, $1.86, $1.855

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD pair remains strengthened above the supply levels in the long-term outlook. The price action shows a clear bullish continuation pattern.
This pattern promises a 20% breakout if market conditions stay favorable. The currency pair trades above the supply levels, confirming its bullishness at the recent high.

Sustained bullish pressure at the $2.00 supply mark in the last session has kept the pair above the supply trend levels recently.

The price breakout at the $2.00 resistance as the daily chart opens today signals high buying impact from the bulls. It results in intraday gains and a buying opportunity.

The price of EURNZD is initially up at the $2.01 high mark above the moving average, an indication that momentum is in an uptrend in the context of the market’s strength, and the buy investors remain dominant at the moment. Additional force by the bulls will invalidate any further drops in the coming days.

In addition, the price signals pointing upwards at around 43% suggest that the overall sentiment regarding the EURNZD market structure is bullish and may likely continue in the same trend.

Thus, if the pair price can sustain above the $2.03 high level, the potential rally could surge higher to hit a key resistance value of $2.10 at the upper channel in the long-term perspective.

EURNZD Medium-term Trend: Bullish (4H)

EURNZD is in a bullish trend in its medium-term outlook. The price bar can be sighted above the supply trend level.
Despite the moves from the short traders, the bulls managed to push the price up to the $2.00 high during the previous session and sustained it.

Meanwhile, activities from sellers that dropped the currency pair price to the $2.00 support value during the last session have not affected the upward strength of the currency pair, as the price remains firm above the EMA-50.

The bulls continue with bullish momentum as the EURNZD price jumped to the $2.01 resistance above the moving averages as the 4-hourly chart opens today, implying an uptrend as the bulls remain stronger in the market.

Hence, if the bulls increase their price action, and a bullish momentum is sustained above the $2.02 peak resistance point, further bearish sentiment will be hibernated.

The stochastic oscillator signals pointing upwards indicate that the momentum in the price of the currency pair may remain in the same direction, and as a result, the $2.10 high value might be the target in the days ahead. Hence, a buy signal.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.